Gold repeatedly reaches new historical highs

On Tuesday yesterday, we believed that expectations for the Fed's easing cycle and concerns over the escalation of tensions in the Middle East continued to support the rise in gold prices, setting new historical highs. Therefore, we suggested that in terms of operations, one should pay attention to the support at $2,713, followed by $2,700. The pressure above should be focused on $2,724; breaking through this level could see gold strengthen again, with continued attention to $2,728 and $2,740.

Looking at the subsequent trend, gold stabilized at $2,718, continuing its previous rebound trend. After breaking through the pressure near $2,728, it used this level as support to continue to probe higher. During this period, the gold price tested the support near $2,728 three times, each time encountering resistance near $2,740. It wasn't until after the U.S. market opened that gold broke through upward, reaching a high of $2,748. On Wednesday, gold continued to surge, setting a new historical high of $2,758, and is currently trading at $2,756. Overall, after gold stood firm above $2,728, it continued to strengthen, with the upward trend basically in line with our expectations.

The continuous rise in gold prices, constantly setting new historical highs, and geopolitical tensions are important factors supporting the significant increase in gold prices. Tensions in the Middle East are high, with Israel experiencing intense conflicts with neighboring countries. Hezbollah has escalated its war with Israel, and Israel has also launched continuous attacks on Lebanon, with confrontations with Iran intensifying. Additionally, a confidential report indicates that Israel has carried out dozens of attacks on the United Nations Interim Force in Lebanon, causing market risk aversion to continue to rise, supporting the significant increase in gold.

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On the daily chart, after gold bottomed out from the $2,600 psychological level, it showed a unilateral upward trend, with gold prices constantly setting new historical highs, showing a very strong performance. For support below, focus on the upper rail of the daily Bollinger Bands at $2,747, which is also near the high point of gold prices on Tuesday, followed by the 4-hour MA10 moving average at $2,738, which is also near the intraday low. For pressure above, focus on the historical high point, which is also the current intraday high at $2,758, followed by the upper rail of the weekly Bollinger Bands at $2,770. The 5-day moving average and the MACD indicator form a golden cross, and the KDJ and RSI indicators also form a golden cross, showing that the technical side is dominated by the bulls.

Intraday gold reference: The market's increasing concerns about the escalation of conflicts in the Middle East support gold's continuous setting of new historical highs in the near term. Maintaining a bullish direction is still a more prudent choice. It is recommended to focus on the strength of the pullback in operations, mainly by buying on dips, with support below at $2,747, followed by $2,738, and pressure above at $2,758. The possibility of breaking through upward is relatively large, with continued attention to $2,770.